Vancouver Real Estate August Average

Ups and Downs

You just know that the Pacific National Exhibition, (PNE), is a sign that the golden days of summer are almost over. In celebration of it’s passing many will ride the Ferris wheel. The wheel, much like our seasons, goes round and round and like the days in those seasons, it has it’s ups and downs. At times, Vancouver’s real estate market seems like that Ferris wheel. As it turns round and round, Vancouver’s real estate too, has it’s ups and downs.

Now September, one looks back to remember the golden hues of August. For some sellers, they will remember how a number of buyers got caught up in the circular pattern of multiple offers. Other sellers will look back on August from the down side of the wheel, other sellers opposition, were on the down side of the wheel.

The Big Top

The Vancouver market is not unlike the PNE. It is the ‘Big Top’ of the provincial market. In its center ring Detached homes roar in proclamation of another price increase. To your left and right, the Attached and Apartment players are quiet by comparison as their price drops counterpoint the center ring. Unfolding, the three acts are recognized by many as “The Greatest Real Estate Show on Earth”, yet, far from the din of the three rings, are faintly heard mumbles from the cheap seats occupied by those with a negative predisposition who as one, grumble a famous line attributed to P.T. Barnum – ‘there’s a sucker born every minute.”

August’s Month of Numbers

The circus of the past was always a place of wonder and excitement. The PNE is no exception this year as the Fed’s chipped in $1.4 million in support. With this found money don’t be surprised if one of the new ring acts is Bears riding Bulls or in the case of Detached homes, Bulls punting Bears into the upper canvas. With acts like this to draw the crowds, anticipated is that the PNE attendance will follow the record breaking summer temperatures and July’s real estate’s sales volume.

Center ring’s Detached homes showed a strong up-tick in pricing with Detached Average climbing to $890,087. This renders the MOM (month over month) comparison to 2008′s $808,015 – approximately a 10% increase.

Apartments did a back flip from July’s $400,823 to this August’s $392,501. August’s YOY (Year Over Year) MOM (Month Over Month), comparison is down -2% from 2008′s average unit price of $401,001.

In the far ring, Attached doing hand-stands viewed numbers upside-down from July’s unit price of $486,564 seeing August’s numbers at $484,976. A steady act, Attached’s swayed slightly with a -1% change from tje 2008 MOM (Month Over Month), average price of $493,960.

Sideshow

Noteworthy is the side-show. In all three sectors listing inventory is significantly down from August of 2008. Detached had 7927 in August 2008 and 5,373 listings in 2009 – down 32%. Attached exhibits similar tendency with 2,792 listings in ’08 compared to 1,917 in ’09. Apartments had 7,231 in August ’08, whereas August 2009 is down to 4,647.

Vancouver Real Estate Average Price Numbers:

Vancouver Real Estate Average Price // Percent / YOY:

* Percent reflects monthly price change YOY 2008 to 2009

*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.

**Numbers provided may vary as they are dynamically posted by the REBGV.